IoT Set to Make ‘Big’ Im­pact on Risk Man­age­ment, Weather In­sur­ance Sec­tor

With the help of re­source­ful plat­forms for IoT, the process of in­te­gra­tion of big data an­a­lyt­ics in busi­ness plan­ning is set to sig­nif­i­cantly im­prove op­er­a­tions and per­for­mance across sec­tors lead­ing to in­creased sus­tain­abil­ity

Voice&Data - - COVER STORY -

Big data an­a­lyt­ics has be­come a cru­cial part of busi­ness plan­ning in the re­cent times. Gath­er­ing ex­ten­sive in­for­ma­tion through in­no­va­tive tech­no­log­i­cal means and an­a­lyz­ing it has en­abled com­pa­nies and gov­ern­ments to not only op­er­ate ef­fi­ciently but build sus­tain­able strate­gies for the fu­ture. The abil­ity to com­bine and cal­cu­late data has given cor­po­ra­tions the abil­ity to gain valu­able in­sights about dif­fer­ent as­pects which im­pact prof­itabil­ity of ven­tures. Big data has proved in­stru­men­tal in spurring sec­tors such as agri­cul­tural in­sur­ance and risk man­age­ment. Com­pa­nies can now an­a­lyze data and im­ple­ment more sus­tain­able strate­gies thus min­i­miz­ing risks.

Weather in­sur­ance and risk man­age­ment has come as a boon to agri­cul­ture in In­dia. The agri­cul­tural sec­tor em­ploys the largest share of In­dia’s work­force but has seen its GDP share de­plete grad­u­ally in re­cent times (17% as of 2014). Sus­tain­able weather in­sur­ance schemes and dam­age con­trol plan­ning in case of blights and droughts have helped both farm­ers

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